Dutch newspaper urges public to sell bitcoin

Rotterdam daily AD (Algemeen Dagblad) has published an article calling on people to sell their bitcoins as they undermine the government, reduce the power of central banks and could destabilize the country’s economy.

According to the story headlined “Bitcrash, or why you should sell it now,” many bitcoin transactions are about money laundering and tax avoidance, which means the cryptocurrency sabotages the government. AD reports that another drawback is that unlike fiat money bitcoin does not benefit the state.

The article drew ridicule on social media from cryptocurrency supporters.

Central Banks are capitulating. Path to $100,000 accelerating. Fiat currencies going the way of Cowrey shells. Nation states, as we’ve known them, are dead. #Bitcoin is God. The day of reckoning is upon us. pic.twitter.com/OVhSRg73cB

The paper continues that while in times of economic crisis, central banks could influence banks, ease credit conditions and encourage people to consume, they have no control over cryptocurrencies which could worsen the drama.

Perhaps, the primary danger is that “more and more tech companies are turning to a bitcoin IPO." That creates risks on both sides, according to AD, claiming if the bitcoin bubble crashes investors will be left with nothing while there is no financial institution to monitor it.